We owned and operated an average of 13.1 and 14.0 vessels during the second quarter of 2013 and 2012, respectively, which earned an average Time Charter Equivalent, or TCE, rate of $14,273 per day and $14,628 per day, respectively. We refer you to the information under the heading "Summary of Selected Data" later in this earnings release for information regarding our calculation of TCE rates.
For the second quarter of 2013, voyage expenses decreased by $3.4 million to $1.9 million compared to $5.3 million for the second quarter of 2012. The decrease is attributable to the fact that during the second quarter of 2013 one of our vessels was under a voyage charter agreement for 60 days while during the second quarter of 2012 two of our vessels were under two voyage charter agreements for 89 days. Under voyage charter agreements, we are responsible for all voyage costs, as opposed to time charter agreements where they are paid by the charterer. The revenues earned from the voyage charter agreements during the second quarter of 2013 and 2012 were $1.2 million and $4.7 million, respectively.
For the second quarter of 2013 vessel operating expenses totalled $6.8 million compared to $6.7 million for the second quarter of 2012.
For the second quarter of 2013, dry-docking expenses totaled $0.3 million compared to $0.9 million for the second quarter of 2012. The $0.9 million incurred during the second quarter of 2012, refers to the portion of the dry-docking cost for the Star Mega, which underwent a periodic dry-docking survey in late June 2012.
Depreciation expense decreased to $3.9 million for the second quarter of 2013, compared to $9.4 million for the second quarter of 2012. The decrease was due to:
a) the impairment losses recognized as of September 30, 2012, in connection with our oldest Capesize vessel, the Star Sigma, and the entire fleet of our eight Supramax vessels, which resulted in a further reduction in the net book value for the respective vessels.
b) the lower average number of vessels of 13.1 during the second quarter of 2013 compared to 14.0 during the second quarter of 2012, due to the sale of the Star Sigma in March 2013.
General and administrative expenses during the second quarter of 2013 increased to $2.6 million compared to $2.1 million during second quarter of 2012. This increase was mainly due to the $0.6 million stock based compensation expenses, which were charged in the second quarter of 2013. In 2012, $1.3 million of stock based compensation expenses burdened the results of the first quarter of the year.
For the second quarter of 2013, other operational gain amounted to $0.75 million and represented the payment of installments due to us, under a settlement agreement, in connection with a commercial claim. No other operational gain incurred during the second quarter of 2012.
In September 2010, we signed an agreement to sell a 45% interest in the future proceeds related to the settlement of certain commercial claims. As a result, in connection to the settlement amount of $0.75 million described in other operational gain above, during the second quarter of 2013, we incurred an expense of $0.3 million which is included under other operational loss. During the second quarter of 2012, no other operational loss incurred.
For the second quarter of 2013, we recorded a loss on sale of vessel amounting to $0.1 million, which represented a loss on sale of the Star Sigma that concluded in March of 2013. The vessel was delivered to her new owners on April 10, 2013.
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